At Gilfix and La Poll, we see all manner of clients and help them explore estate planning at every stage of their lives. Estate planning is a smart idea when you have children, as your assets accumulate, and during any major life change. Estate planning is equally important for men and women.

In fact, estate planning should be in the forefront of life management for women, according to the numbers. Just consider these statistics:

Women over the age of 65 outnumber men of that age by 5.9 million.

Women live longer their men, and their lower lifetime earnings often means their retirement years include a lower standard of living than they are used to.

Due to career breaks to raise children or help with aging parents, women more often than men have gaps in their employment. This is reflected in their Social Security benefits when they are older. Because of this, poverty rates tend to be higher for older women than for men of the same age.

With prudent estate planning, women do not have to face reduced circumstances later in life. Estate planning can encompass everything from drafting a will to appointing a guardian for minor children, to developing a robust retirement plan, and protecting current and future assets.

The latest numbers show why so many people are worried about being able to afford nursing home care: approximately one out of two women and one out of four men will need nursing home care at some point in their later years. Nursing home care is expensive, and Medicare will not cover long-term care costs. Most people end up depleting their life savings within the first twelve months of what ends up being a prolonged stay.

A long-term care insurance plan that was included in the 2010 Affordable Care Act, but it has been abandoned because it was fiscally unworkable. Congress has launched a study commission to try to develop solutions to the overwhelming need for long-term care support. That support is sorely needed: the average cost of a private room in a nursing home here in California is $91,250 per year, and the national rate is $77,745 per year. The Department of Health and Human Services estimates that 70 percent of people over the age of 65 will need some type of long-term care; more than 40 percent will need long-term nursing home care. And few people have prepared for that cost. Life savings are depleted, or the cost is placed on loved ones who must choose between their own financial security and giving their parent the best care possible.

Critical to this area of planning is Medi-Cal. With careful, professional planning, estates can be protected white nursing home residents qualify for Medi-Cal, which can pay all or most of the cost of such care.

Work with the elder law and estate planning attorneys at Gilfix & La Poll to secure your future long-term needs.

We tell clients that it is never too early to begin estate planning. You've worked hard to build your estate, accumulating assets and some sense of financial stability. Planning now for the future can help retain your home and your savings in the event of a catastrophic illness or sudden death. Preplanning also will allow your loved ones to retain the assets to bequeath them when you are gone.

Estate planning is more complicated that leaving a will. You may wish to develop a Advance Health Care Directive, designating someone to make medical choices for you if you become unable to make them for yourself. You may also wish to ensure your loved ones do not have to pay exorbitant estate taxes, and work to ensure that you are medically and financially secure in your later years.

You can work with an experienced estate planning attorney to determine what financial assistance you may need under your health insurance plan, disability insurance plan and government benefits, should you need them. You also want to avoid property tax increases when assets are passed along to your children.

The hiring of a lawyer is an important decision that should not be based solely upon advertisements. This web site and all business law related content is offered for informational purposes only and is not intended to serve as legal advice. Consult an attorney to receive advice about your specific legal needs. The attorneys at Gilfix & La Poll Associates LLP can help your family with special needs planning, special education advocacy, elder law, estate planning, Medicaid and Medi-Cal planning, and estate administration.